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When can I get a FHA mortgage.

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  • When can I get a FHA mortgage.

    BK was discharged 9/2011 and I stayed in my property until 5/2014. The bank moved so slow and refused to foreclose on our property. Instead our loan was "sold" 5 times. We hired a lawyer and with his help I signed over the house so I'm no longer responsible for it. It's been 6 months and nothing has hit my credit report. Can I get a FHA loan now since my BK was 3 yrs ago or do I have to wait 3 yrs from May? Thank You.

  • #2
    FHA, 3 years from day it came out of your name (double jeopardy I'm afraid).....although Fannie Mae made some changes that stated if your mortgage was included in your BK and discharged, the BK seasoning applies. The following is from Fannie Mae, if you Google it you can read the rules in the selling guide.

    https://www.fanniemae.com/content/gu...b3/5.3/07.html

    "Foreclosure and Bankruptcy on the Same Mortgage

    If a mortgage debt was discharged through a bankruptcy, the bankruptcy waiting periods may be applied if the lender obtains the appropriate documentation to verify that the mortgage obligation was discharged in the bankruptcy. Otherwise, the greater of the applicable bankruptcy or foreclosure waiting periods must be applied."

    I did talk to several mortgage people and it works in the Desktop Underwriter, the BK date is the seasoning date, so 9/2014 you can go conventional. The question is will you qualify for the 5% down, unless your ready to put down more.

    Interesting point that was confirmed to me......if you discharged your mortgage in your BK and later foreclosed, short sold or DIL, you would still qualify after the 3 year seasoning period.

    And, your credit report won't or shouldn't show anything except discharged in BK, you won't see the DIL.

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    • #3
      dspii can you help me understand what do you mean by I did talk to several mortgage people and it works in the Desktop Underwriter, the BK date is the seasoning date, so 9/2014 you can go conventional. The question is will you qualify for the 5% down, unless your ready to put down more.

      Interesting point that was confirmed to me......if you discharged your mortgage in your BK and later foreclosed, short sold or DIL, you would still qualify after the 3 year seasoning period.

      Who did you talk to

      Comment


      • #4
        Originally posted by JNS123 View Post
        BK was discharged 9/2011 and I stayed in my property until 5/2014. The bank moved so slow and refused to foreclose on our property. Instead our loan was "sold" 5 times. We hired a lawyer and with his help I signed over the house so I'm no longer responsible for it. It's been 6 months and nothing has hit my credit report. Can I get a FHA loan now since my BK was 3 yrs ago or do I have to wait 3 yrs from May? Thank You.
        Hi, JNS123
        Sorry this is not the answer. I am in similar situation and it has been more than 4 years since the BK discharge. You said you signed over the house and you didn't see any credit impact. How is the process working? Can you share the info? Did you do Deed-In-Lieu? Thanks.

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        • #5
          I recently applied for a mortgage and closed on my home. I was stuck in the 3 year waiting period from my short sale which seasoned last November. Around the same time, the rules for many mortgage lenders changed significantly for short sales and down payment requirement......... I ended up with an FHA, only because I could do a streamline rehab.

          Fannie Mae changes state that if you discharged a mortgage thru BK, then all subsequent actions to the mortgage fall into the 3 year after discharge (less for extenuating circumstance). Desktop underwriter is one of the tools used to qualify your mortgage......which means that if your mortgage was discharged, 3 years is the magic number and your file won't end up in the cold case files.

          Because the rules were new when I was exploring, the 5% down payment for BK'd mortgages was brought into question and was being tested. Not sure where, but somewhere it said the BK's required 10% down.

          Now good news for you...Google it....tons of good and some bad info out there, try to stick with the recognizable.....I read that the down payment requirement for Fannie Mae was lowered again recently to 3% I believe. Unfortunately, I have not kept up with the current events in mortgages since I closed, but I can tell you that 3 years from BK discharge date will get you into conventional, just not sure down payment requirements.

          Find a couple reputable mortgage brokers and your bank (if your still on good terms with them) and lay out your case, they do keep up with laws and rules changes. I'm sure you'll get good news...

          Good Luck

          Comment


          • #6
            Originally posted by dspii View Post
            I recently applied for a mortgage and closed on my home.

            Fannie Mae changes state that if you discharged a mortgage thru BK, then all subsequent actions to the mortgage fall into the 3 year after discharge (less for extenuating circumstance). Desktop underwriter is one of the tools used to qualify your mortgage......which means that if your mortgage was discharged, 3 years is the magic number and your file won't end up in the cold case files.

            Now good news for you...Google it....tons of good and some bad info out there, try to stick with the recognizable.....I read that the down payment requirement for Fannie Mae was lowered again recently to 3% I believe. Unfortunately, I have not kept up with the current events in mortgages since I closed, but I can tell you that 3 years from BK discharge date will get you into conventional, just not sure down payment requirements.

            Find a couple reputable mortgage brokers and your bank (if your still on good terms with them) and lay out your case, they do keep up with laws and rules changes. I'm sure you'll get good news...

            Good Luck
            Hi Dspii. Congrats on your home!

            Do you recall if your BK paperwork was checked off "surrender"? We've only spoken to one broker so far & he's stating that since our paperwork was checked "retain" that we would not qualify as having our home IIB. However, our atty states that since the schedules in the BK filing incl the house loan, it was discharged in the BK and we should still fall within the new guidelines of the FHA or Fannie Mae rules. Our credit report shows the home IIB too. Note: our home just foreclosed last year but BK has been 3 years.

            Also, are you able to PM or email or post broker recommendations? TIA

            Comment


            • #7
              What was your are? If you are from Arizona, we probably can help you.
              FHA Mortgage Arizona | VA Home Loan Arizona

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